Trive Financial Services UK Revenue Falls 74% Following Exit from Local CFD Market

​Trive Financial Services UK reported a sharp decline in revenue for the year ended 2024, reflecting the company's withdrawal from the UK retail contracts-for-difference (CFD) market and the transfer of clients to another jurisdiction.

According to the firm's latest financial report, revenue dropped 74% to £2,327,648 in 2024, down from £8,853,308 in 2023. The decrease came as the company wound down its retail operations in the United Kingdom and applied to cancel its license with the Financial Conduct Authority (FCA).

Formerly operating under the GKPro and GKFX brands, Trive UK shifted its retail client segment to Malta during 2024. Its application to surrender the FCA authorization was approved earlier this year.

Financial results also showed that gross profit declined by 70% to £562,834, compared with £1,870,138 the previous year. Administrative expenses fell to £972,462 from £1,392,584, though they represented a larger share of overall revenue.

The company reported no other operating income in 2024, compared with £157,421 in 2023. Interest receivable also dropped significantly to £44,471, down from £697,059, reflecting a reduced cash position as the business scaled back operations.

At the end of 2024, cash at bank and in hand totaled £99,896, compared with £2,344,225 a year earlier. Net assets declined to £2,966,878, from £3,332,035 in 2023.

Auditors issued a qualified opinion on the company's accounts, stating that they were unable to obtain sufficient evidence regarding the recoverability of a £3,429,502 receivable owed by an entity under common control. They noted that the uncertainty could have a material impact on the reported figures.

The company also recorded a £320,099 provision related to a legal claim from a former customer. The provision covers potential settlement costs and legal fees after advisers assessed that the claimant had a greater than 50% likelihood of success.

While withdrawing from the UK market, Trive has been expanding operations elsewhere. The group has been growing its presence in South Africa, where Trive South Africa has begun onboarding CFD and derivatives clients under oversight from the Financial Sector Conduct Authority (FSCA). The firm has partnered with Finalto SA to support liquidity and order-driven pricing services, while an affiliated entity in Mauritius manages business-to-business flows in the region.

Trive's move reflects a broader trend among some brokers reconsidering their presence in the UK CFD market. Other firms have also signaled plans to step back from the sector, including GMI Markets, which has announced intentions to cease UK CFD operations, and Gain Capital UK, which plans to surrender its FCA license associated with the Forex.com and City Index brands.